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Jul 24 2023, 06:50 IST/BST
Ryanair Holdings
Q1 blowout; outlook uncertain; forecasts unchanged
- Sectors : Airlines
- Companies : Ryanair Holdings
DAVY VIEW
Ryanair delivered its best ever Q1 performance by a considerable margin – net income €662.9m (previous peak €397m, consensus €620m, Davy €654.4m). Revenue strength was key. However, it does note “a softening in close-in fares in late June and early July”. The business model and balance sheet (entire fleet now unencumbered) continue to point to Ryanair as the industry winner. We broadly maintain our FY forecasts (net income €1825m) and price target of €22.
